Marex lets clients use USDC stablecoin as derivatives margin

Marex Group Limited (NASDAQ: MRX) announced that clients can now use USDC, a dollar-denominated stablecoin issued by Circle (NYSE: CRCL), as initial margin collateral for derivatives, in collaboration with Coinbase (NASDAQ: COIN) and Prime Trading LLC.

The service follows a no-action letter issued by the Commodity Futures Trading Commission in December 2025, which permits Futures Commission Merchants to accept non-securities digital assets, including USDC, Bitcoin, and Ethereum, as customer margin collateral for CFTC-regulated derivatives under strict conditions.

Coinbase provides the underlying infrastructure for the arrangement, including New York Department of Financial Services-qualified custody, 1:1 instant fiat-to-USDC conversion, and reporting built to meet CME requirements.

For its first transaction under the new arrangement, Marex accepted USDC as initial margin collateral from Prime Trading LLC and delivered cash to fund positions.

"With regulatory clarity helping to shape the future of USDC and other stablecoins, the speed and accessibility of blockchain technology is transforming clearing globally," said Stephen Hood, Head of Clearing, Americas at Marex.

Claire Ching, VP of Global Capital Markets at Circle, said the integration enables initial margin to move at internet speed, allowing clients to operate in a 24/7 market environment while meeting institutional standards.

Coinbase VP of Markets Liz Martin noted that the same custody infrastructure supporting the majority of U.S. spot crypto ETFs is now being applied to collateral workflows in regulated derivatives clearing.

Prime Trading LLC, a Chicago-based proprietary trading firm, was the counterparty in the initial transaction. The firm's Chief Administrative Officer Joe Balcarcel said the arrangement has the potential to improve collateral management speed and flexibility beyond traditional banking hours.

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